Bitcoin

A 70% Drop May Occur after BTC Hitting Around $68,700

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After reaching a new ATH of around $58,300, Bitcoin has been in strong fluctuations in the past several days, ranging from $45,000 to $52,000. The recent trend of Bitcoin price seems to be a bit bearish since it has not yet stabilized above $50,000.

Moreover, in the past 3 days, every time when BTC hit $50,000, it would soon plunge and go south. However, based on technical analysis, BTC may reach $68,000 before switching to a bearish run. 

Bitcoin is in the Accelerated Uptrend Channel, $68,700 will be the Top in short term. 

The recent ATH can be considered as at center, then we use the Fibonacci indicator to divide the upper and lower part of the rising channel. Based on the former highest point, we can predict that the Bitcoin price will retrace back to 38% Fib level, which is the starting point of this bull market. 

BTC price
Bitcoin price chart

From the above charts, we can notice that before Bitcoin surged to $68,700, there will still be 2/3 of the time that it is trading within the “buy zone”. In the short term, as the uptrend channel converges, the rising pace will accelerate. Then, a massive price correction will follow. However, Bitcoin may break above $100,000 in the relatively long run. If BTC did plummet back to $20,000, then climb to hit $100,000, we will see asymmetry between the peaks. 

Profit on BTC Rising & Falling in Bex500

If you are a sincere bitcoin “hodler”, you can just hold tightly your bitcoins in hand and wait for the next bullish run. But if you think that a bearish reversal may occur, BTC futures trading might be a better way for you to avoid BTC depreciation and make profits in both crypto bear and bull markets.

BEx500

Bex500 is a highly recommended Bitcoin-based futures exchange. Since 2018, Bex500 has established offices in the United States, Hong Kong, Australia, Spain, and Korea, serving more than 2 Million crypto traders around the world. 

Bex500 devotes to providing investors a stable and secure trading environment. BTC, ETH, LTC, XRP, EOS and BCH perpetual contracts with 100x leverage are the leading trading products offered in Bex500. Its exclusive Double Contracts trading with 200x leverage is also popular. 

Sign up for an account in Bex500, you will get a $5000 demo bonus. You can practice futures trading and improve your trading skills and strategies without losing a penny.  

100% BTC Bonus Giveaway in Bex500

Bex500 launched a 100% BTC bonus giveaway activity recently. To deposit 1 BTC, you will get 2 BTC credited in the account. 

discount and bonus

Note: 100% BTC bonus can be applied for each deposit. It can also be withdrawn to your bitcoin wallet. 

More details: https://www.bex500.com/activity/ad_bouns

Smart traders are making great fortunes on bitcoin fluctuations. If you want to get more opportunities to earn big, Bitcoin futures trading is worth a try!

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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